Texas residents know how costly divorces can be for separating families. Dividing assets, including property, businesses and bank accounts, is complex. The process can be emotionally taxing as well as financially. Gathering pertinent information and understanding how things work in your state can lessen some burdens.
A certified divorce financial analyst (CDFA) knows tax law asset distribution and understands financial planning. This professional works with divorcing couples and their attorneys to divide assets equitably. There is a required certification exam to receive a CDFA designation. CDFAs are common in high-value asset divorce cases. A CDFA is skilled in property division between amicable and contentious divorces.
Hiring a CDFA
You don’t have to be super rich to hire a CDFA. Suppose you and your spouse own multiple properties, international holdings and stock options from various sources. In that case, a CDFA can sort through these items and devise a fair and equitable distribution plan. CDFAs work with divorce attorneys to help advise clients on their financial statements and any potential tax burdens.
Divorce attorneys will have a list of CDFAs they work with and the cost of their services. The value of including a CDFA extends past assets distribution. A CDFA will also assess your financial future based on your resources after the divorce.
CDFA Financial Planning Analysis
A CDFA is not your divorce attorney. This person is a part of your divorce team that focuses on your financial health during and after your divorce is final. CDFAs are experienced analysts trained to make recommendations that strengthen your financial position. Like an accountant, these analysts base their knowledge on the information provided to them. A CDFA delivers a clear picture of your marital finances and is integral to preplanning your divorce.